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solve mcq 7 & 8 please

MCQ 7 Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer? a. Raw materials. b. Work-in-process. c. Finished goods. d. Supplies. Com right American College of the Middle East, 2020 MCQ 8 Which of the following accounts is not reported in inventory? a. Raw materials. b. Finished goods. C. Equipment. Cli Exercise 4 (20 points, 2.5 points each) MCQ 1 A trial balance before adjustments included the following: Sales Sales returns and allowance Accounts receivable Allowance for doubtful accounts Debit Credit 621,500 23,000 59,000 970 If the estimate of uncollectibles is made by taking 12% of gross account receivables, the amount of the adjustment is a. 6,110. b. 7,080. c. 6,963.6 d. 7,040. MCQ 2 AS Inc. made a 39,000 sale on account with the following terms: 2/15, n/30. If the company uses the net method to record sales made on credit, how much should be recorded as sales revenue? a. 37.440 b. 38,220 c. 39,000 Cord. 39,780 American College of the Middle East, 2020 MCQ 3 What is a compensating balance? a. Savings account balances b. Margin accounts held with brokers c. Temporary investments serving as collateral for outstanding loans d. Minimum deposits required to be maintained in connection with a borrowing arrangement MCQ 4 Travel advances should be reported as a. supplies. b. cash because they represent the equivalent of money. c. investments d. None of these answer choices are correct

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